Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Interest earned by a co-operative society on surplus funds placed with a co-operative bank was not deductible under section 80P(2)(a)(i) because the payer was not a member of the society and the income was assessable as income from other sources. However, the Tribunal found that the bank was registered as a co-operative society despite holding a banking licence, so the same interest qualified for deduction under section 80P(2)(d). The contrary view taken by the lower authorities was rejected, and the appeals were partly allowed for both assessment years.
Interest earned by a co-operative society on surplus funds placed with a co-operative bank was not deductible under section 80P(2)(a)(i) because the payer was not a member of the society and the income was assessable as income from other sources. However, the Tribunal found that the bank was registered as a co-operative society despite holding a banking licence, so the same interest qualified for deduction under section 80P(2)(d). The contrary view taken by the lower authorities was rejected, and the appeals were partly allowed for both assessment years.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
